Dear Editor,
As we in the Caribbean seek to fast-track recovery and build a post COVID-19 world where business plays a leadership role in creating much needed jobs, access to finance remains a major constraint.
The World Bank in its 2020 Ease of Doing Business Report notes that of the 14 Caribbean countries that were reviewed in its annual report, only three of them – Jamaica (ranked 15th), Trinidad and Tobago (ranked 67th) and Guyana (ranked 94th) – are among the top 100 countries globally in accessing credit. This is out of a total of 190 countries. Simply put, we are not doing well in this critical index.
In 2016 the Caribbean had 11 countries ranked among the top 100. This worsening situation tells an all too familiar story in our region. I hear these stories on a daily basis, in conversations with businesspeople across the region on the massive challenges in accessing finance. The World Bank´s report captures a very important part of the story on lending in the Caribbean. Surveys undertaken by Caribbean Export point to as much as 48 per cent of small- and medium-scale businesses reporting that access to credit is the major challenge they face.
We at Caribbean Export are providing some critical assistance in this area. With support from the European Union, we continue to provide much needed financial assistance to small and medium business across the region. More specifically, we have been providing small-scale grant financing to help these businesses withstand the shock of the pandemic and create new opportunities.
In 2018, Caribbean Export awarded approximately 2.2 million euros in grant funding and about 41 per cent of beneficiaries boasted that the grant funds helped them to penetrate new markets, while 79 per cent reported an increase in export sales. Overall revenues increased for 64 per cent of beneficiary firms and 36 per cent of firms were able to reduce their energy costs having used the grant funds to implement energy efficiency projects. Twenty-one percent of firms were able to enhance general productive capacity and efficiency.
Recognising that funding support is extremely critical during the pandemic, Caribbean Export plans to build on these results by continuing to offer targeted grant funding on a non-reimbursable basis. The region needs to do more to support this sector which accounts for most jobs generated in our Caribbean.
The Caribbean Development Bank has also joined our partnership with the European Union in this endeavour and we have launched a call for proposals where businesses can access up to US $15,000 in grant finance. Grant funds are often highly competitive and for this reason, they should not be considered as a primary source of income for small businesses, but as cash infusions to fund special projects that can help to speed up growth, particularly post COVID-19. Please do visit our website at
carib-export.com to get more information.
Another alternative source of finance is angel investment, which is a form of equity financing where the angel investor supplies capital in exchange for an equity position in the business. Angel investors are high net worth individuals who are looking for a higher rate of return, typically of around 25 per cent to 60 per cent, than would be given by more traditional investments. Equity financing is normally used by start-up and growth businesses that do not have sufficient cash flow or collateral with which to secure business loans from financial institutions.
Angel investing is still a relatively nascent concept in the region. Consequently, entrepreneurs interested in angel investing need to understand the fundamentals of angel investing and what to expect when an angel investor is interested in an equity stake in their business. Since 2018, Caribbean Export has been offering capacity development support in these areas and plans to continue to provide specialised support to both entrepreneurs and angel investors to bridge the angel investing divide in the region.
The issue of credit is a central issue. Therefore, with funding from the Africa Caribbean and Pacific Investment Climate Reform Facility, we are working to understand the challenges facing CARIFORUM countries in the establishment and operationalization of efficient credit bureaus and secured transaction systems (collateral registries). The World Bank, in its Ease of Doing Business Report, looks closely at these two aspects of the credit infrastructure in a country, noting that credit bureaus and registries are essential elements of the financial infrastructure that help to address the issue of access to financial services, including credit.
By sharing credit information, a credit reporting system helps to increase access to credit for small firms, improve borrower discipline and support credit risk monitoring. In our region, where movable assets often comprise most of the capital stock of our private firms, we need to establish systems that allow our firms to use inventory, accounts receivables, crops and equipment as collateral. We cannot transform our region if we do not innovate and move to a financial architecture that meets the needs of our times.
In summary, we at the Caribbean Export Development Agency will continue to support these initiatives that are having and can continue to have a major positive impact on businesses across our Region. However, the reality is, much more must be done. Particular attention must be given to the establishment of a regional capital market that can unleash and leverage finance regardless of geographic location. Whereas we recognize the imperative of foreign direct investment, the stark reality is that we have massive assets in our financial sector and pension funds that can be used to spur inclusive growth and job creation both nationally and regionally. A regional stock exchange will also propel business at the regional level to take advantage of regional opportunities as they seize opportunities provided by new economies of scale. To succeed, we need steadfast commitment backed by a clear and ambitious agenda. Much is at stake and failure is not an option.
Deodat Maharaj
Executive Director, Caribbean Export Development Agency
It is a fairy tale to think that the Court’s verdict has no influence on the negotiations with CORC.
In the Dutch-language newspaper Antilliaans Dagblad of Monday June, Marcelino de Lannoy, director of Refineria di Kòrsou (RdK), states that the appeal judgment has no influence on the negotiations with CORC BV, the intended new partner for the refinery. We are quite surprised about that.
Indeed, in the judgment of the Court of First Instance of 26 August, the judge stated: “At the hearing, the State argued that the consultancy firm Haskoning has now been called in to advise on the new standards for air quality in Curaçao. The report to be released will serve as a basis for new nuisance permits, particularly for the new refinery operator and as a frame of reference for the modernisation of the refinery and other industries.”
And: “According to the State, the European air quality standards will be used as standards for Curaçao.” And also: “On the basis of the report from Haskoning, it will be determined, together with the new operator, what will be feasible with regard to improvements and in what period of time.”
In other words: again, apparently the operator determines which standards are feasible. However, it is not the operator or Haskoning who oversees this, but the State. This is a repeat as we have seen before, where PDVSA set the standards. Subsequently, the 2019 judgment states that “the State’s statements are too vague and non-committal to infer that the plaintiffs have sufficient certainty that the unlawful situation regarding air quality will be ended within the foreseeable future.”
It must be clear to everyone that the reduction of sulphur dioxide and fine dust emissions referred to in the National Decision – which runs from 2020 to 2035 – does not fall under the heading of “soon” as referred to in the previous paragraph. After all, soon means soon and not in 15 years. And the judgment is provisionally enforceable, so takes effect immediately.
In other words, if one wants to resume operation of the refinery, the following must first be arranged:
1. There will have to be solid legislation in which the standards are anchored;
2. All large companies such as Aqualectra, BOO/CRU and Isla Refinery will each have to obtain a nuisance permit in which the individual maximum emissions are regulated for each company;
3. The total emissions of those companies must be lower than the standard set by law. This is because the State must also take into account the other causes of emissions, such as shipping, road and air traffic;
4. Before the refinery becomes operational again, the standards must be met from day one, as stated in the refinery’s nuisance permit;
5. It is essential that the State takes immediate action if the limit is exceeded, so there must be proper measurement and enforcement. So, it is a fairy tale to think that this has no influence on the negotiations with CORC.
Clean Air Everywhere has been fighting for six years now for a verdict for what the residents downwind, but in fact all residents of Curaçao, are entitled to: clean air. And we will continue to do so.
Now that the State has also established that the Country has committed a wrongful act, Clean Air Everywhere – with the support of, among others, The Environmental Defender Law Centre – will not hesitate to initiate civil proceedings if the State does not act in accordance with the Court’s ruling.
In addition, Clean Air Everywhere can also request the Public Prosecutor’s Office to conduct a criminal investigation into both companies and individuals on suspicion of violating the verdict.
Curaçao Foundation Clean Air Everywhere was established in June 2015. The aim is to contribute to solving, reducing and preventing environmental problems in Curaçao, including with regard to air quality in the broadest sense, in the interest of current and future generations; and furthermore the compliance of the air quality in Curaçao, in particular the air quality downwind of the industrial area around the Schottegat in Curaçao, with current and recognized (health) standards within the Kingdom; and finally the promotion of the interests of the residents and visitors of Curaçao in the context of the aforementioned objectives. The Trade Register lists the board members.
Board of Clean Air Everywhere,
Curaçao www.cleanaireverywhere.com
Dear Friends,
As we look forward to returning to your beautiful island and resuming our deep personal relationships with all of you, we want to truly encourage all to get fully vaccinated, unless your own medical doctor says that you should not.
It is safe and it works to prevent hospitalization and death from COVID-19 and reduces the spread of infection.
Vaccination is the path for a safe family gathering, protecting your grandparents, a safe workplace where no one has to be challenged to prove their vaccination status, and a safe dining or entertainment experience for vaccinated vacationers to enjoy.
Let us return to SXM knowing that each of you wants to do all that you can, to protect yourselves, protect each other, and protect us.
Get vaccinated. We want to see your smiles.
David and Joanie Slavkin
Guelph, Ontario, Canada
Timeshare owners since 1984
Dear Editor,
As long as I can remember or rather over many years I have heard many sermons dedicated to fathers on Fathers’ Day, One of the things that was referred to was that Fathers’ Day is not celebrated with as much fanfare as Mothers’ Day even though that does not take away that fathers play a very vital role in the lives of their children.
As the years went by and mainly for economical reasons, more and more men have immigrated and migrated back and forth from country to country leaving their spouses (whether pregnant or not) behind. Many of these men after settling in their new habitat, have not repatriated and in so doing many women were left behind with children who had never known their father. In the same way those who have repatriated also left pregnant women and children behind where they worked. Some have left one island, gone to another island, got the opportunity to go the USA or England and Canada and left women with children behind in both their native island and the island where they were employed.
Because of this phenomenon the sermons on Father’s Day continued to get another twist. Not because of Fathers’ Day and, yes, because of Fathers’ Day I go to church and for years now spend the rest of the day at home just reminiscing of all that I could remember that my father taught me.
I was not 20 years old yet when I officially went on my first patrol. It was during that time my father called me aside and had me sit because he had something to say to me. After giving me what I accepted to be a lecture on being careful not to impregnate any of the flock of girls that would surround me, because of the type of work that I was doing, he continued, “Because if you are not careful, you will become a father. To be a father is one thing, to be a good and responsible father is another thing. And the only way you can say to yourself ‘I am a good father’ is when your teenage children start boasting about you. You have to be the cause of that. You have to make that happen.”
I would like for whoever reads this to give it some thought, not because I wrote it, but because it is a fact. I had a good father. May all fathers have a great fatherhood. All the teachings on how to be a great person are in the bible. And if anyone is reluctant, please know that in my opinion, the bible’s title can also be “The greatest philosophy of life.”
Russell A. Simmons
Dear Editor,
On the Eve of July 4, 1976, a task force of brave steely-eyed Israeli commandos departed from Sharm El Shiekh under the cover of darkness aboard a squadron of C-130 Hercules aircraft, for Uganda’s Entebbe airport. The commandos’ mission: to rescue 106 hostages held captive in a terminal at Entebbe’s airport.
Just one week earlier, on June 27, an Air France airbus was hijacked after departing from Paris by members of the popular front for the liberation of Palestine(PLO) and the German revolutionary cells. The crew of the Air France Airbus was ordered by the terrorists to reroute the flight to Uganda's Entebbe airport where upon arrival the passengers, mostly Israelis, disembarked and, were huddled into an old terminal and held hostage.
While at Entebbe the Israeli hostages, all of whom were kept in separate rooms from non-Israelis, recounted having memories of the selection process during the holocaust and the singling out of Jews for persecution. With memories of the holocaust fresh in their minds, the Israelis feared that it was just a matter of time before the terrorists would start executing them.
But little did the hostages know that the Israeli defense force had already conceived of and put in motion a bold rescue plan. A special team of courageous warriors from the elite Sayeret Matkal commando unit was hurtling towards the hostages on a daring mission to rescue and take them back to their homeland.
Aboard one of the C-130 Hercules was Lieutenant Colonel Yonathan Netanyahu, once a Harvard philosophy major and brother of Israel’s former prime minister, Benjamin Netanyahu. Yoni, as he was affectionately called, fought his way back into active military duty after he suffered severe nerve damage during the Yom Kippur war. A charismatic, brilliant, and highly respected military officer, Yoni was regarded by his peers, subordinates, and superiors alike. The higher echelons of the Israeli defense force and the then-prime minister Yitzhak Rabin reposed special trust in the leadership and ability of Lt. Col. Jonathan Netanyahu to lead the assault team on the raid at Entebbe.
After the squadron of C-130s landed at Entebbe’s airport the assault team deplaned and began tactically making their way towards the hostages’ terminal in Mercedes Benz and Land Rovers. A firefight ensued between the assault team and Ugandan soldiers guarding the airport’s terminal after the commandos lost the element of surprise. As the commandos continued advancing amidst heavy gunfire towards the terminal one of their colleagues could be heard frantically repeating on the radio “Betser! Betser! Yoni is hit, Yoni is hit.” Lt. Col. Yonathan Netanyahu took a fatal bullet from a Ugandan sniper and collapsed, the only Israeli combatant killed.
When the firefight was over all the Ugandan soldiers and terrorists lay dead. All but four of the 106 hostages survived and were quickly taken on board the waiting aircraft for the flight back to Israel.
There was jubilation and celebration in Israel and when the freed hostages and their liberators arrived at Ben Gurion airport the commandos received a hero’s welcome. But for the men who were under the command of Lt. Col. Yonatan Netanyahu, it was one of the darkest and saddest moments in their lives, they had lost a well-loved, respected, and great leader.
In the ensuing years, Operation Entebbe would come to be regarded as one of the best counter-terrorism hostage rescue missions ever executed in military history. Studied in military academies and celebrated for its surgical precision, planning, and execution, Operation Entebbe has been retroactively renamed Operation Jonathan in honor of Lieutenant Colonel Yonathan Netanyahu. A valiant military commander and fearless combatant, Yoni’s men followed him unquestioningly into the deepest valley and darkest night confidently assured of victory.
Orlando Patterson
